In an efficient market, differences in quality should be fully reflected in differences in prices. This paper examines a highly active residential property market and verifies whether housing attributes can explain time on the market (TOM) after controlling prices. In contrast to the previous...

The efficiency of a market is challenged when price dispersion occurs. Previous studies focused on non-durable consumption goods. This study extends the analysis to the case of residential property, whose transactions are dominated by a second-hand market with many potential buyers and sellers....